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Which is Better, Renting or Owning a Home?

Comparison Between Renting a House and Owning a Home

Renting a House

Owning a Home

No associated pride in renting from someone else due to the lack of a certain degree of privacy  There is the pride of being a homeowner and right to privacy
 Influences in no way ones credit score value  Helps in building a good credit score
 A tenant renting a house from a landlord isn’t subjected to the payment of the loan procured for the purchase or the construction of the house  The homeowner is required to pay back the loan(s) incurred for the purchase or construction of the home unless it was paid for or funded fully by the owner
 The tenant isn’t subjected to the payment of any other tax pertaining to the house such as property tax  The homeowner is subjected to the payment of taxes such as property tax
 A tenant has access to the house only during the lease period  A homeowner is the owner of the home for as long as they want
 There is the uncertainty of terms and conditions during the renewal of the lease in the form of rent increment or asked to vacate the premises  No need for any lease renewal or revision of the terms and condition, relocation difficulties since the house belongs to the homeowner
 Relocation of the tenant bring about certain incumbent cost and difficulties such as cost, security deposits, telephone and mail redirecting etc.
 The tenant doesn’t have the right to remodel or make modifications to the house and in some cases even pets are not accepted within the premises  Remodelling and modifying the internal and external structure/view of the house and the institution of any rules and regulation is the prerogative of the homeowner
 Renting a house is cheaper than owning or buying a house because it is usually done on a monthly basis that is the rents are usually lower in cost  It takes a substantial amount of money to become a homeowner. This is very difficult to achieve without loaning or borrowing from financial institutions.
 In the long run the cumulative amount paid as rents after a couple of years tends to be more expensive than owning a home  There is a great financial benefit for not paying rents and being a homeowner in the long run
 Renting a house gives the tenant more mobility and flexibility. How long you reside in a location is determined by the contract signed which can be short termed or long termed ranging from a couple of months to years. A tenant could easily leave a rented house or apartment to another if the former is not pleased with the place and wants to change  Owning a home isn’t as flexible as being a tenant. The procedure for the homeowner to change homes is expensive and long. A homeowner has limited mobility (usually in years) as compared to the tenant due to the liabilities involved unless the homeowner sells or rents the home.
 The financial risk involved in renting a house significantly lower than that envisaged via home ownership. The tenant only stands to lose the security deposit which is usually about 4 weeks’ worth of rents or an increment in the house rents  The financial risk involved in purchasing and owning a home is more significant to the owner than someone renting. The loaning, taxing and mortgaging engagement see to this
 The monthly expenditure on rents is constant throughout the renting period  The monthly expenditure on the home may vary depending on various factors such as fluctuations in interest rates
 There is a possibility for the tenants to save and invest from their monthly income after the monthly rents have been paid  The homeowner usually ends up in debts from loans and mortgages related to the acquisition or construction of the home
 The tenant has the responsibility of paying for the rents and utility costs such as gas, cable, telephone, electricity etc.  The landlord has the responsibility for repairs and maintenance of the house is that of the landlord. The homeowner equally pays for the interest rates and taxes
 The tenant sometimes suffers from having a reluctant or lazy landlord, who may be slow in the conduct of repairs and maintenance around the house  The homeowner living in their residence has the obligation to repair and maintain home in a timely fashion since they and their family are those to suffer
 The tenants have no advantage with respect to equity gains from the renting of a house for the landlord  The landlord benefits from the rents paid and is considered as a steady source of income. Nonetheless, a homeowner who lives in his/her residence doesn’t pay rents

Deciding which option is better i.e. being a homeowner or a tenant, one has to weigh the pros and cons of each aspect and likening it to their present physical and financial status.  Owning a home comes with a lot of responsibility and demands that one has a stable or growing income. Renting is a good option if one cannot yet afford to purchase a home or is still clinging to the freedom and flexibility that comes with being a tenant.

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